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DE BEERS CONSOLIDATED MINES LIMITED
(Incorporated in the Republic of South Africa)
(Company Registration No 1888/000007/06)
DE BEERS CENTENARY AG
(INCORPORATED UNDER THE LAWS OF SWITZERLAND)
("De Beers")
Estimated Results For the Year Ended 31 December 2000 Attributable to De Beers
Linked Units
Estimated Combined Income Statement
Rand Millions US Dollar Millions 1999 2000
2000 1999
5 031 8 946 Net diamond account 1 322 831
Add:
811 1 779 Investment income 263 134
218 872 Interest income 129 36
Surplus on realisation of
fixed assets and invest-
499 448 ments 66 82
-------------- -------------
6 559 12 045 1 780 1 083
Deduct:
426 406 Interest payable 60 70
229 279 Corporate overhead 41 38
Provisions against invest-
22 - ments and loans - 3
-------------- -------------
5 882 11 360 NET INCOME BEFORE TAXATION 1 679 972
1 409 2 506 Taxation 370 233
-------------- -------------
4 473 8 854 NET INCOME AFTER TAXATION 1 309 739
Attributable to outside
shareholders in sub-
238 138 sidiaries 20 39
-------------- -------------
4 235 8 716 OWN EARNINGS 1 289 700
Retained earnings of
798 4 182 associated companies 617 132
-------------- -------------
5 033 12 898 TOTAL NET EARNINGS 1 906 832
(676) (1 349) Headline adjustments (199) (112)
-------------- ------------
4 357 11 549 HEADLINE EARNINGS 1 707 720
============== ============
EARNINGS PER LINKED UNIT
1 078c 2 179c Own 322c 178c
1 281c 3 225c Total net 477c 212c
1 109c 2 888c Headline 427c 183c
Estimated Combined Balance Sheet
Rand Millions US Dollar Millions 1999 2000
2000 1999
CAPITAL EMPLOYED
Linked unit holders'
54 455 73 656 interests 9 734 8 853
Preferred and outside
465 588 shareholders' interests 78 75
-------------- -------------
54 920 74 244 9 812 8 928
850 740 Deferred taxation 98 139
Provisions for liabil-
731 849 ities and charges 112 119
Long- and medium-term
3 781 4 310 liabilities 570 615
-------------- -------------
60 282 80 143 10 592 9 801
============== =============
REPRESENTED BY
4 794 11 479 Fixed assets 1 518 779
422 876 Deferred taxation 116 69
27 663 32 025 Investments 4 232 4 497
24 538 23 194 Diamond stocks 3 065 3 989
434 451 Stores and materials 60 71
2 431 12 118 Net current assets 1 601 396
-------------- -------------
60 282 80 143 10 592 9 801
============== =============
1 675 10 636 Net cash 1 405 272
Estimated Combined Cash Flow Statement
Rand Millions US Dollar Millions 1999 2000
2000 1999
Cash generated by
9 818 13 473 operations 1 726 1 586
-------------- -------------
Cash available from
12 512 16 933 operating activities 2 237 2 031
Cash utilised in
1 265 5 211 investing activities 689 205
Cash utilised in
6 709 3 296 financing activities 433 1 090
-------------- -------------
4 538 8 426 Increase in cash 1 115 736
Operating cash flow
3 187c 4 236c per linked unit 560c 517c
For and on behalf of the respective boards
N F Oppenheimer
Chairman
G M Ralfe
Managing Director
12 February 2001
Directors' Comment on Estimated Results
2000 was an exceptional year for De Beers and the diamond industry as a whole.
The US market, now accounting for nearly 50 per cent of world retail sales,
continued to grow, underpinned by the positive economic environment, and
boosted by the impact of the De Beers Millennium advertising campaign. All
other major retail markets, with the exception of Japan, showed positive
growth, and the retail sales outlook during the year generally encouraged the
trade to restock.
Based on these factors, the DTC was able to achieve record sales of US$5 670
million. De Beers' headline earnings increased by 137 per cent to US$1 707
million, and own earnings improved by 84 per cent to US$1 289 million. Diamond
stocks were reduced during the year by US$924 million, from US$3 989 million to
US$3 065 million. The significant run down of stocks towards working stock
levels (including the sale of most of the longer held, higher margin stocks),
the positive pricing trends during the year, and the bringing to account of
full earnings from Venetia, with effect from 1 January 2000, have all
contributed to higher margins on the diamond account and the exceptional
performance for the year.
The boards of directors of De Beers Consolidated Mines Limited and De Beers
Centenary AG intend to recommend and declare combined final dividends totalling
US$1,00 per linked unit when they meet towards the end of this month.
Although the US market showed overall positive growth for 2000, the third
quarter had already seen a slow down and the Christmas season was
disappointingly below expectations. The American trade is therefore currently
in an overstocked position. Sales prospects for 2001 will be negatively
influenced by the time it takes for this imbalance to be rectified, and will
also depend on the general economic outlook for the US and the rest of the
world. In these circumstances it is highly unlikely that sales for 2001 will
reach the record levels achieved in 2000.
The audited combined Provisional Annual Financial Statements will be released
in due course.
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